Main Street Registry

Salem Cookeville, LLC

Cookeville, TN · Hotels (except Casino Hotels) and Motels · NAICS 721110

Salem Cookeville, LLC is a hotel and motel business located in Cookeville, Tennessee, classified under the industry Hotels (except Casino Hotels) and Motels. The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $4,734,500, with Port 51 Lending LLC as the lender and approval dated September 24, 2024.

SBA 7(a) loan, change of ownership, approved Sep 24, 2024

$4,734,500 approvedLender: Port 51 Lending LLC25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$4,734,500
SBA-guaranteed amount
$3,550,875 (75% of the approval)
Lender
Port 51 Lending LLC, New York, NY
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11%, variable
Term
25 years (300 months)
Estimated maturity
September 24, 2049 (estimated, approval date plus term)
Estimated monthly payment
$46,403 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Oct 11, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
4
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Putnam County, TN
SBA district office
Tennessee District Office
Congressional district
TN-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 73% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in Tennessee: $1,738,925.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in Tennessee